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Growth with Resilience in East Asia and the 2008–2009 Global Recession

Lino Briguglio and Stephen Piccinino
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Stephen Piccinino: Asian Development Bank,

Asian Development Review, 2012, vol. 29, issue 2, 183-206

Abstract: This paper assesses why the 2008–2009 global economic recession impacted East Asia less than it did the United States (US) and the European Union(EU). The paper utilizes a “growth-with-resilience” (GWR) index aimed at measuring the extent to which a country can absorb or counteract external shocks and at the same time promote economic growth. The main findings show higher GWR index scores for East Asia compared to those for the EU and the US, which may explain why the global recession had a milder impact on the region. The study also shows East Asia as being very heterogeneous, with major differences in the countries’ economic, political, and social realities, more so than in the US and EU. Therefore, the overall picture for the region may not apply to individual economies.

JEL-codes: O10 O11 O12 O23 O53 O57 (search for similar items in EconPapers)
Date: 2012
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